- Ethereum has been able to consolidate around $1,600.
- ETH has established a new equilibrium at $1,652 for the medium run.
To this point, the price of Ethereum (ETH) has been able to maintain its position above the horizontal support level of $1,600. It’s possible that breaking it will result in much lower prices with a bearish moment.
According to the Wolf Of All Streets, a crypto trader and investor commented on his Twitter account about how the price of Ethereum was shifting in various time frames.
Wolf asserts that the price of ETH has established a new equilibrium at $1,652 for the medium run. He followed by stating that if the price of Ethereum hadn’t closed at that level, it’s possible that it would have decreased.
$ETH
— The Wolf Of All Streets (@scottmelker) January 23, 2023
Closed ETH short from $1,652. Would have gotten it lower but was on my livestream.
The premise was bearish divergence on multiple time frames, still technically valid.
But price bounced right at the 50 MA on the 4-hour and now is forming a flag with a long lower wick. pic.twitter.com/LQjG5n8BcF
As per Wolf, the price of ETH bounced off the 50-Moving Average (MA) in the 4-hour time frame and is currently building a flag with a lengthy wick below it.
This comes after bulls drove Bitcoin (BTC) prices over $22,800 on January 21 and 22. However, the extended wick on the candlesticks indicated that bearish selling at higher levels. On January 22, the bears attempted to initiate a correction, but the bulls bought the intraday drop.
Ethereum (ETH) Moving Average
The Moving Average (MA) for Ethereum shows that buyers are now in control of the ETH market.
This is illustrated by the 50-day moving average crossing above the 100-day moving average. It suggests that the present bullish sentiment on the price of ETH may persist for the foreseeable future.
The current price of ETH is $1,635 with over $8 billion in trading volume in the last 24 hrs. Notably, the market cap is also maintained over $200 billion in the past few days.
